KROMI Logistik AG publishes 9-month report for FY 2013/2014

(PresseBox) ( Hamburg, )
- Revenue grows 4.9 % to EUR 45,407 thousand (previous year: EUR 43,289 thousand)
- Pure operating earnings up 36.2 % from EUR 679 thousand to EUR 925 thousand
- Forecast confirmed: moderate revenue growth accompanied by rising profitability for current FY 2013/2014

KROMI Logistik AG, a provider of end-to-end tools logistics solutions for manufacturing companies, reports revenue growth during the first nine months of its 2013/2014 fiscal year (July 1, 2013 to December 31, 2014). The Group generated 4.9 % year-on-year revenue growth to EUR 45,407 thousand (previous year: EUR 43,289 thousand). The stable situation among the broad customer base in Germany and significant revenue gains in Brazil continued to be responsible for the planned Group growth during the third quarter. Taking the cost of materials and unrealised currency losses into account, the Group generated EUR 703 thousand of earnings before interest and tax (EBIT) - up 10.5 % year-on-year.

Overall, KROMI benefited in this context from its well-balanced customer structure that is diversified across several sectors and regions. Along with the stable situation within the German customer base, revenue growth during the first nine months of the 2013/2014 financial year was especially generated in Brazil. Posting a remarkable revenue increase of 25.5 %, the Brazilian subsidiary contributed to the reported positive Group trend, thereby remaining on its clear growth path. Expressed in the Brazilian currency (BRL), the respective revenue growth even amounted to around 48.1 %.

In line with the revenue gains, KROMI Logistik's cost of materials rose from EUR 32,879 thousand to EUR 34,599 thousand. The cost of materials ratio was up slightly year-on-year from 76.0 % to 76.2 %. Consequently the gross profit margin fell from 24.0 % to 23.8 %. Staff costs rose from EUR 5,694 thousand in the previous year to EUR 5,929 thousand. By contrast, the staff cost ratio fell further from 13.2 % in the previous year to 13.1 %.

Other operating expenses registered a slight year-on-year increase from EUR 4,023 thousand to EUR 4,108 thousand, especially reflecting unrealised currency differences of EUR 222 thousand (previous-year period: EUR 43 thousand). Uwe Pfeiffer, CFO of KROMI Logistik AG, commented as follows: "These relate to non-cash valuation changes to borrowing costs for the Brazilian subsidiary. Excluding these, other operating expenses were even less than in the prior-year period."

Higher expenses for materials and the aforementioned unrealised currency losses that accompanied the depreciation in the exchange rate of the Brazilian real compared with the Euro fed through to EUR 703 thousand of earnings before interest and tax (EBIT) for the July 2013 to March 2014 period. This represents a 10.5 % increase compared with the previous year (EUR 636 thousand). Adjusted for expenses arising from unrealised valuation losses, pure operating earnings stood at EUR 925 thousand, reflecting 36.2 % growth compared with the previous year's EUR 679 thousand. The Group reported a consolidated net profit of EUR 153 thousand after taking into account finance costs, other income, and, in particular, EUR 341 thousand of taxes on income to be paid on the higher profit that the company generated on the basis of German commercial code (HGB) accounting principles. The company reported a quarterly consolidated net profit of EUR 96 thousand in the comparable 2012/2013 period.

"The first nine months of 2013/2014 have proceeded according to plan. The further revenue and EBIT growth that we have achieved was in line with our internal planning. The stable business base in Germany and our Brazilian subsidiary continued to be primarily responsible for our growth during the third quarter. Thanks to the adjustments that we have made in recent years, and the corporate dimension that we have attained, we are very well positioned to continue on the path of sustainable and profitable growth that we have adopted," notes Jörg Schubert, CEO of KROMI Logistik AG. The economy, and consequently customers' production levels, will prove to be critical factors in this earnings growth. "If these factors develop positively, we are continuing to aim for single-digit percentage revenue growth, and an EBIT margin in the low to mid single-digit percentage range," is how Schubert confirmed the full-year forecast that the company issued.

Over the course of the day, KROMI Logistik AG will make its full report for the first nine months of the 2013/2014 fiscal year available for downloading on its website at within the Investor Relations area.
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